The $XRP price forecast for June 12 was initially published on Coinpedia Fintech News.
XRP's value is indicating signs of a positive recovery, with experts analyzing levels that could lead to a significant upside. After reaching a low around April 7, XRP has been gradually moving through a correction period, and recent price action suggests that a rebound could be imminent.
Current Market Structure
On the daily timeframe, $XRP remains solidly above key support between $2.05 and $2.10. It is simultaneously facing resistance in the $2.35 to $2.36 range. A clear break above $2.35 would facilitate the possibility of reaching higher targets of $2.44 and potentially $2.60 in the near term. What appears to be a W-shaped double bottom pattern is developing, further supporting the idea of an upward move if the resistance levels are broken out.
Elliott Wave Structure Suggests Rebound Potential
Analysts have been signaling a WXY correction from the January highs, likely hitting a low on April 7. Since that low, XRP has completed a five-wave impulse, followed by a three-wave retrograde correction, a classic pattern that indicates the potential for a broader bullish structure ahead.
At this point, price action suggests a new five-wave uptrend is forming. Currently, support levels are identified at $2.22, $2.15, and $2.11. A drop below $2.11 would weaken the near-term bullish argument and shift attention to the next significant support level around $1.95.
Rising Financing Rates Could Trigger a Drop
As long as the price remains above support levels, the cost to traders holding long positions (called funding rates) is silently increasing.
Currently, the funding rate is at 0.01% per 8 hours. However, if it reaches 0.02% or higher without a price increase, there is a high probability that the price could drop. If XRP breaks below $2.25, it could drop to $2.01, $1.90, or even $1.55.
Source: CasiTrades
The favorable outlook is that this decline could provide the ideal setup for a notable rebound, with a significant breakout taking place afterward.
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